Copper at 2- month high on China growth hopes

Print this page Posted on : 07-29-2010 by recycleinme.com

London, July 28

Copper rose to its highest peak since mid- May on Wednesday after assurance on economic growth from top metals consumer China and improving fundamentals.

By 09: 57 GMT, copper for three- month delivery on the London Metal Exchange traded at $ 7,166 a tonne from $ 7,059 at the close on Tuesday and compared with a session high at $ 7,198. Also aiding overall sentiment in recent weeks has been a growing trend of falling LME inventories. Aluminium traded at $ 2,074.75 versus $ 2,056, down from an earlier two month high at $ 2,086.

LME stocks for the metal, used in transport and packaging, fell 4,650 tonnes to 4.39 million tonnes.

Among other metals, nickel traded at $ 20,510 from $ 20,550, while battery material lead was at $ 1,991 from $ 1,977. Zinc traded at $ 1,950 a tonne from $ 1,910 and tin was at $ 19,500 from $ 19,550. Zinc earlier touched its highest level since May 17 at $ 1,967.75.

Source : Business Line